Want to start your own business - Ask an entrepreneur anything!

[Majestic Pape]

Give me a step by step of starting the business. I'm just talking about the actual legal formation of the company - registering with the government, tax stuff, etc. I'm in the process of starting a new promotion company now.

 

[Boogie]

how do you and pay your bills if you have yet to pull a salary from the company? are u living off a corporate card or something?

The lack of education on here is sad. Salaries aren't the only way CEOs make money. For example, we all know how filthy rich Mark Zuckerburg is. Yet his 2012 salary was only 600k. And in 2013 he requested it to be $1.

 

[↓R↑LYB]

Give me a step by step of starting the business. I'm just talking about the actual legal formation of the company - registering with the government, tax stuff, etc. I'm in the process of starting a new promotion company now.

I described it in my post. Request an EIN number from the IRS so you can get your tax number and decide to type of organization you'll be (LLC, S-Corp, etc). Then register with your state to get your state to get your state license. That's pretty much it. Depending on your industry, county, and city there may be some additional licensing you'll need to get, but that's it.

Forming a company is simple, you just pay the right fees. Making money is the hard part.

 

[↓R↑LYB]

The lack of education on here is sad. Salaries aren't the only way CEOs make money. For example, we all know how filthy rich Mark Zuckerburg is. Yet his 2012 salary was only 600k. And in 2013 he requested it to be $1.

Breh, instead of trying to come off like you better than the nikka, explain it so he understands how it works. It's like some of you cats go out of your way to try to shyt on people. Everyone doesn't understand how a business run or what's involved.

 

[Bay Area]

The lack of education on here is sad. Salaries aren't the only way CEOs make money. For example, we all know how filthy rich Mark Zuckerburg is. Yet his 2012 salary was only 600k. And in 2013 he requested it to be $1.

Knowing where CEO's get there money has nothing to do with education. Im in college and have never learned about corporate businesses. Don't try to make people feel inferior to you because you know something they dont know..

 

[Boogie]

Breh, instead of trying to come off like you better than the nikka, explain it so he understands how it works. It's like some of you cats go out of your way to try to shyt on people. Everyone doesn't understand how a business run or what's involved.

Or, how about n*ggas ask before they say stupid sh*t about something they don't know about? I wasn't trying to come off like I was better than anybody

Knowing where CEO's get there money has nothing to do with education. Im in college and have never learned about corporate businesses. Don't try to make people feel inferior to you because you know something they dont know..

And n*gga if you ain't taking Business courses of course you ain't gonna learn about corporate business. It's sh*t I still don't know.

 

[Youhadasparkwhenustarted]

Or, how about n*ggas ask before they say stupid sh*t about something they don't know about? I wasn't trying to come off like I was better than anybody



And n*gga if you ain't taking Business courses of course you ain't gonna learn about corporate business. It's sh*t I still don't know.

what the fukk you think he was doing?

 

[Hov]

Lol @The Nigerian is an OG hater, any thread where someone is trying to share advice that nikka will come in and try to crush the buildings

Also @Hov what's your company worth? Or at the very least how much profit has your company made last year? It's a lot easier to trust someone's opinion on business when they've achieved a certain level of success. Props on the thread though, nikkas in here going ham

I can't really say how much my company is worth without a proper valuation, but I can say that I PERSONALLY took home $100k last year (2012 tax season) and that is without drawing much money, because we just purchased a new studio/location in Adams Morgan DC.

My company is kinda cool, that how we make top dollar (well not top, because IStrategyLabs is crushing buildings) but we do brand development.

That means we do everything from create campaigns and push them to shoot commercials to filming documentaries to interior designing a restaurant.

You hit all bases because we do EVERYTHING VISUALLY. Meaning, for example, you want to open a resteraunt. We can design your logo, website, create an ad campaign AND design it, print whatever mailing and menus you need, design and create cool signage, do the interior design, maintain the social meda and make it cool on a monthly basis, shoot a commercial for your restaurant, shoot the food photography for you restraint and provide consulting on maintaining your brand.

$ comes from everywhere.

 

[Hov]

 

[beenz]

The lack of education on here is sad. Salaries aren't the only way CEOs make money. For example, we all know how filthy rich Mark Zuckerburg is. Yet his 2012 salary was only 600k. And in 2013 he requested it to be $1.

you didn't say shyt regarding what I asked, yet wanna berate me. fukk outta here son

 

[Hov]

you didn't say shyt regarding what I asked, yet wanna berate me. fukk outta here son

I will answer your question, to keep this posting from all the arguing bro - poise and confidence man, poise and confidence are the key lol...

But like someone said earlier, I pay myself personally like a contractor - like some weeks I pay myself 15 bucks an hour for 30 hours of work or something, when months are shorter I may up it or lower it, but all you have to do is show a that you have an income from your business and don't live off of your business card.

But what do you really NEED? I access it every month and adjust. Rent/Mortgage, Car payment, some grocery (everytime you go out anywhere use the corporate card and write it off, becasue in my industry anything goes - a club can be work, a big dinner at a fancy resteraunt, an outfit from my stylist is who also a client, etc) so, I dont need big $$$ in term of a salary, hence the reason people like Zuckenburg can have a $1 salary and live well.

Hope that helped you bruh.

 

[beenz]

I will answer your question, to keep this posting from all the arguing bro - poise and confidence man, poise and confidence are the key lol...

But like someone said earlier, I pay myself personally like a contractor - like some weeks I pay myself 15 bucks an hour for 30 hours of work or something, when months are shorter I may up it or lower it, but all you have to do is show a that you have an income from your business and don't live off of your business card.

But what do you really NEED? I access it every month and adjust. Rent/Mortgage, Car payment, some grocery (everytime you go out anywhere use the corporate card and write it off, becasue in my industry anything goes - a club can be work, a big dinner at a fancy resteraunt, an outfit from my stylist is who also a client, etc) so, I dont need big $$$ in term of a salary, hence the reason people like Zuckenburg can have a $1 salary and live well.

Hope that helped you bruh.

so you're able to ball out under the guise of a tax write off??:eh:



as for zuckerberg, he can afford to have a $1 salary, cuz he cashed in when the he sold off a gang of shares when facebook went public.

 

[Badda_Bing]

Or, how about n*ggas ask before they say stupid sh*t about something they don't know about? I wasn't trying to come off like I was better than anybody



And n*gga if you ain't taking Business courses of course you ain't gonna learn about corporate business. It's sh*t I still don't know.

YOU DUMB ASS MOTHERfukkER!

 

[Swirv]

I don't need a salary. I just need a source of income for tax purposes. I have everything I need, and do super cool shyt. Like, why do I need 60-70k a year to go on trips and party and do amazing things when I do that with 12.26 (my business) anyway LOL. I told myself I wouldn't pull an official salary until the 5th or 6th year. Think outside the box. I can give myself a salary of 10k a year, and likely I am livng "better" than you, no disrespect.

Why do you think that people like Steve Jobs and Zuckenburg have a salary of $1. Look it up.

2nd sentence is very important. Businesses get to write off more than a regular citizen. Its not how much you make its what you keep.

Good thread btw

 

[69 others]

@ that Geoffrey the butler looking cocksucker @TheNigerian trying to hate on dude